In September 2025, NextDecade Corporation made a final investment decision (FID) and achieved financial close for Train 4 of the Rio Grande LNG export terminal in Brownsville, Texas, marking another major phase in the multibillion-dollar project’s build-out. The company also issued a full notice to proceed to Bechtel Energy, authorizing the start of construction.
Valued at approximately $6.7 billion, Train 4 adds about 6 million tonnes per annum (MTPA) of liquefied natural gas capacity, bringing total output under construction to roughly 24 MTPA. The expansion is underpinned by 20-year sales and purchase agreements with ADNOC, TotalEnergies, and Aramco, with completion and first commercial deliveries anticipated in the second half of 2030.
Funding for Train 4 combines $3.85 billion in debt and $2.83 billion in equity from NextDecade, Global Infrastructure Partners (a BlackRock company), GIC, Mubadala Investment Company, and TotalEnergies. NextDecade’s share of equity was financed through term loans without diluting common share
Meanwhile, on October 16, 2025, NextDecade made a positive FID on Train 5, closed financing for the train, and issued a full notice to proceed to Bechtel Energy for EPC work — advancing the next phase of the Rio Grande LNG expansion.
Equity commitments from TotalEnergies and GIP
In August 2025, NextDecade Corporation announced that it had secured up to $1.8 billion in new equity commitments from TotalEnergies and Global Infrastructure Partners (GIP) to support the development of Train 4 at the Rio Grande LNG export terminal in Brownsville, Texas. The investment marked a key step toward advancing the next phase of the multibillion-dollar liquefied natural gas project.
Under the agreement, TotalEnergies will invest about $300 million for a 10% stake in the Train 4 joint venture, while a GIP affiliate will contribute up to $1.5 billion for a 50% interest, which will fall to 30% once certain return thresholds are met. NextDecade, through its subsidiaries, will provide up to $1.2 billion for a 40% share, which could increase to 60% after GIP reaches agreed returns.
Train 4 will have a capacity of 5.4 million metric tons per annum (MTPA) and is awaiting a final order from the Federal Energy Regulatory Commission (FERC). The regulator has completed its environmental review, and staff recently recommended the project be approved.
Construction of Train 4 will be carried out under a $4.77 billion fixed-price, turnkey engineering, procurement, and construction (EPC) contract with Bechtel Energy Inc., awarded in June and valid through September 15, 2025. NextDecade is also developing Train 5, backed by a $4.32 billion EPC contract with Bechtel, and is working to secure additional long-term LNG sales to reach a final investment decision.
Once complete, the Rio Grande LNG facility will have 17.6 MTPA of capacity, with Trains 4 and 5 adding a further 10.8 MTPA, reinforcing the U.S. position as the world’s top LNG exporter.
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Rio Grande LNG Expansion Project Factsheet
Project Overview
Company: NextDecade Corporation
Project: Rio Grande LNG facility expansion with Trains 4 and 5
Location: Texas, United States
Total Facility Capacity: 17.6 million tonnes per annum (MTPA)
Additional Capacity from Expansion: 10.8 MTPA (Trains 4 & 5)
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Key Financial Commitments
Construction Contracts
Total EPC Contract Value: $9.09 billion with Bechtel Energy Inc.
Train 4: $4.77 billion (fixed-price, turnkey)
Train 5: $4.32 billion (fixed-price, turnkey)
Contract Price Lock: Until September 15, 2025
Additional Costs per Train: $1.8–$2.0 billion (owner’s costs, contingencies, financing)
New Equity Financing for Train 4
Total Equity Commitments: Up to $1.8 billion
TotalEnergies: $300 million for 10% stake
Global Infrastructure Partners (GIP): Up to $1.5 billion for 50% stake (reducible to 30%)
NextDecade: Up to $1.2 billion for 40% stake (expandable to 60%)
Commercial Agreements
Train 4
All capacity contracted under long-term agreements
Includes LNG supply deal with TotalEnergies
Train 5
JERA Contract: 20-year agreement for 2 million tonnes per year
Remaining Capacity: 2.5 million tonnes seeking additional buyers for financing support
Project Status & Timeline
Regulatory Approval
FERC Environmental Review: Completed for Train 4
Development Phase
Financing processes initiated for both trains
Target: Final investment decisions before September 15, 2025 contract deadline
Key Partners
EPC Contractor: Bechtel Energy Inc.
Major Investors: TotalEnergies, Global Infrastructure Partners
Commercial Partners: TotalEnergies, JERA
Regulatory Authority: Federal Energy Regulatory Commission (FERC)
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